David Francis, The Examiner
2007-08-03 07:00:00.0
Current rank: Not ranked

WASHINGTON -

Arlington-based energy company AES Corp. and General Electric Co. Financial Services have teamed up in an effort to reduce greenhouse gases.

GE AES Greenhouse Gas Services was formed earlier this year. The goal of the partnership is to reduce greenhouse gas emissions by 10 million metric tons by 2010, mostly through projects to cut methane emissions. The offsets created by the reductions can then be sold to other companies.

“This is a way to combine two organizations that have a depth of expertise in energy and energy-related investing and use their strengths to explore greenhouse gas reductions,” GE spokesman Ken Koprowski said.

Last week, the companies announced a plan to produce and scientifically verify greenhouse gas credits. These credits allow a company to emit a certain amount of environmentally harmful substances. If a company exceeds its prescribed limit, it must purchase more credits or stop emissions.

“As demand for greenhouse gas credits has grown rapidly, so has scrutiny of their quality,” said Andrew Shapiro, president of GreenOrder, a New York firm that works to provide environmental solutions for companies. “Discerning buyers — especially enterprises that want to lead on climate change — are looking for reduction projects they can stand proudly behind.”

dfrancis@dcexaminer.com